Dallas-Fort Worth Real Estate and Homes

Lock in Your Housing Costs Now

Is now the time to lock in your housing costs? I got a call this week from some renters who have put off buying a home in the Keller School District because housing prices have risen. They often say they waited because the housing market was going up so fast. But now these folks are starting to realize they can't save for a down payment faster than home prices are going up, and their rent is increasing too. There are lots of advantages to homeownership, and as these renters are realizing, one of the top advantages is being able to protect themselves from rising rents by locking in housing cost for the life of a mortgage.

It’s Cheaper to Buy Than Rent

Are We In Bubble Territory?

Home values continue to rise across Dallas/Ft. Worth, as well as the nation. And home buyers in Keller, Southlake, Colleyville and surrounding areas are starting to ask if we're entering another housing bubble. Fair question. It's certainly one you'd want to know the answer to if you're considering plunging into the housing market. Zillow just reported that:

“National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.”

So if you buy a home today, you may well be paying the highest price the home has sold for... But are we in bubble territory? The Zillow comment is correct; the Dallas/Fort Worth area has passed previous peak home

Measuring DFW's Ability to Achieve the American Dream

Have you seen Forbes.com's new American Dream Index? They just released this latest examination of "the prosperity of the middle class". This new monthly index measures a multitude of economic factors broken down by state. Some of the factors Forbes look at include employment items like goods-producing employment, unemployment insurance claims, labor force participation, and layoffs. Other items such as personal and commercial bankruptcies, building permits and startup activity are also reviewed.

The full results can be seen in the map below.

Forbes Senior Editor Kurt Badenhausen explained why many states saw a boost in the index last month:

Supply and Demand is Shouting 'List Your Home Today!'

Do you remember much of what you learned in school about supply and demand? You may not recall much of Economics 101, but this is one lesson you surely reconginze; when demand is greater than supply, the price will rise...

SUPPLY

A six month's supply of homes for sale in Keller, Southlake, Trophy Club is generally considered a "normal market" - not favoring sellers with rising properties or buyers with bargain prices. This area, like most of the rest of the nation, is reporting about a 3.8 month supply of homes available according to The National Association of Realtors (NAR).

DEMAND

Like supply, The National Association of Realtors also reports monthly on the numbers of

Highlights:

Sales of existing homes reached the highest pace in a decade at a seasonally adjusted annual rate of 5.69 million.

January marked the 59th consecutive month of year-over-year price gains as the median home price rose 7.1% to $228,900.

NAR’s Chief Economist, Lawrence Yun had this to say, “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home."

Bottom Line

The inventory of homes for sale is tight in higher priced cities like Colleyville and Southlake. And home buyers in the relatively more affordable areas like Roanoke, North Fort Worth and the Alliance area are finding it even more

Looking to Move-Up to a Luxury Home? Now’s the Time!

Does your current home still fit your needs? If you're planning an upgrade into a luxury home, now is a great time to do it! I recently shared data from Trulia’s Market Mismatch Study showing buyers currently have more control in area luxury markets like Southlake, Trophy Club and Colleyville. The inventory of homes for sale in those markets is higher than in those offering homes closer to DFW median price points. So sometimes, homes in the area's luxury markets are staying on the market longer, or can be found at a discount.

If you're selling your starter or trade-up home, you may well find buyers competing, and often entering bidding wars, to be able to call your house their new home. This

Inventory Mismatch Paints a More Detailed Picture

the National Association of Realtors latest Existing Home Sales Report reports the inventory of existing homes for sale in today’s market to be at a 3.6-month supply. That's now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops. We're seeing the same thing in our area.

Typically, a 6-month supply of homes for sale is considered a "normal market", where home prices appreciate with inflation. When there is less than about a 6-month supply the demand for houses outpaces supply. And you are probably aware of what happens when demand is higher then availability. Prices go up.

Mortgage Interest Rates Went Up Again… Now What?

In case you hadn't noticed, mortgage interest rates have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

So now I'm hearing would-be home buyers in Keller, Trophy Club and North Richland Hills wonder if they should wait to buy...

If you think it's been hard so far to find a home that fits your budget and your needs, it's going to get worse. - Jonathan Smoke, Realtor.com's Chief Economist.

Possible home sellers in the area that have lower mortgage interest rates may be less inclined to move up or buy a new

Are You 1 of the 59 Million Planning to Buy a Home This Year?

According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017. Are you one of them?

The survey also revealed 2 key takeaways:

Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)

Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now.

Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider

Housing Market “Springs Forward”

Just like our clocks this weekend, the housing market across Trophy Club, Southlake, Keller, and surrounding areas will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is holding back the market.

Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.

That hasn’t happened over the previous few years.

Demand for housing has remained strong as mortgage rates have remained near historic lows.

The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2016 all fell in April, May or June.